The bill revises procurement reporting requirements by mandating the Department of Administration to provide specific reports to the Legislative Finance Committee regarding procurement solicitations, contracts, and contract modifications. The reports are to be submitted quarterly on March 1, June 1, September 1, and December 1, and must include detailed information about contracts anticipated to cost at least $200,000 over their lifetime. Notably, the bill lowers the threshold for reporting from $250,000 to $200,000 and removes the requirement to specify the portion of the purchasing agency's appropriation intended for vendor payment.

Additionally, the bill introduces a requirement for each governmental body to submit relevant procurement information to the Department of Administration on a quarterly basis. The effective date for the bill is set for July 1, 2025, with a specific provision in Section 2 becoming effective on July 1, 2026. Furthermore, Section 1 of the bill is set to terminate on June 30, 2026.